Market Reports

Bruce’s Market Roundup – September 2015

2015-09-01

There’s no doubt that property markets exposed to the mining and resources sectors have contracted. Having said that, the RBA interest rate cuts have seen the official cash rate at its lowest recorded level, providing a positive boost in an otherwise lackluster economic environment.

Strong population growth and improving employment rates is however supporting a property market that continues to move forward in our state.

I’ve been interested to watch what is happening in the apartment sector. There’s a lot of speculation in regards to the apartment mix in Perth – some suggest we have a glut whilst some evidence suggests that compared to other capital cities, the percentage of apartment dwellings in Perth is well behind the markets of Sydney, Melbourne and Brisbane. It’s noted that Western Australia’s unit approvals increased by 43 per cent in the 12 months to March 2015.

My thoughts are that we are in transition to a higher take-up of apartment living. The interest in apartment living has never been greater in Perth (According to Urbis, over 4,000 apartments were under construction as at April 2015 with close to 70 per cent already sold).

Could this mean that our beautiful city has finally awoken from its slumber? I’ve never been prouder to see Perth set against a global stage – public art and lush green parks are now a strong feature of our landscape, as are lively laneways, street cafes and small bars. We finally have a sense of urban cool!

Perth has embraced its magnetic global interest and evolved into an excellent quality destination to live, work and play. I believe that this has underpinned a very strong interest in apartment living, explaining why enquiries are actually very high. So now we are spoilt for choice – there is all of a sudden a lot of development scheduled to be available on a similar timeframe. Choice requires discernment.

How does this affect the apartment market?

Well, if you are buying and can’t wait then apartments that are ready to go should be on your shopping list.

If you are thinking of selling, I feel you really should get on the market now, before you are competing with an over supply of fresh-builds.

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